Importers To Pay More as Customs Exchange Rate to Clear Goods at Ports Increases once more

The Central Bank of Nigeria (CBN) has increased the Nigeria Customs duty exchange rate to clear goods at ports to N1,658.871 a dollar. The new rate means that importers applying for form M on Monday, November 18, will pay 0.37% more than N1,652.63 per dollar quoted the previous week.
Customs or import duty refers to the taxes and levies paid on goods imported into the country.
The duties are paid through a commercial bank to the Nigeria Customs Service, which receives on behalf of the federal government. Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria.
The rising Customs exchange rate has become a big challenge for the Nigerian economy, which is highly dependent on imports. A recent report by the Nigerian Port Consultative Council (NPCC) revealed that Nigeria witnessed a 4.3 per cent drop in the number of ships that called at the nation’s seaports in the first half of the year 2024.
source: legit.ng

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